Standard Chartered

Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.

Two Middle Eastern borrowers are tapping the Asian loan market as part of a new syndication strategy, taking advantage of the slow primary supply in Asia.

China raised a combined $6bn from a four tranche transaction on Wednesday, turning to US investors for the first time despite rising tensions between the two countries. It appeared a smart move, helping the bonds price well inside fair value. Morgan Davis reports.

Shinhan Card Co ended a long hiatus from the dollar bond market on Tuesday as it joined a number of other South Korean borrowers which have turned to the debt market to raise Covid-19 relief funds.

China Merchants Commerce Financial Leasing Co (CMC Leasing) made its debut in the dollar bond market on Tuesday, selling a $350m five year deal.

JSW Steel sold a $500m bond on Monday, but the issuer paid some 30bp of premium to close the trade.

Singapore’s United Overseas Bank issued a A$500m ($362.2m) bond in Australia on Friday, as a lack of financial paper in the market drove investor demand.

In this round-up, China wants to improve the quality of domestic listed firms to cut down financial crime, Shenzhen opens the door for increased foreign inflows for the next five years, and Standard Chartered applies to the securities regulator to set up a securities firm onshore.

Tesco, the UK grocer, has refinanced its sterling facility with a £2.5bn sustainability-linked deal that uses risk-free rates as a benchmark, as companies try to get to grips with the end of Libor.

Standard Chartered this week became the first bank to launch a Sofr-linked deal in the 144A/Reg S dollar market, as it looked to introduce the Libor replacement rate to a more global audience.

Kasikornbank Public Co rolled out its first Basel III-compliant additional tier one subordinated dollar transaction on Thursday. The Thai borrower bagged $500m on the back of an orderbook that reached $2.5bn at its peak.

Europe’s high grade corporate issuers secured another day of bulging order books on Wednesday, as concerns about scant primary supply to come washed away investor jitters about a collapsed $2.2tr fiscal stimulus deal in the US.